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County hears FEMA buyout options and SBA disaster loans as flood damages mount
Summary
County officials updated the fiscal court on road and flood damage, FEMA buyout options and county funding; an SBA representative outlined low-interest disaster loans, mitigation funding and application guidance for homeowners, renters and businesses.
Lee County officials discussed ongoing flood damage to county roads, the county’s outreach to FEMA and state agencies, and options for homeowners and businesses seeking recovery assistance. The fiscal court also heard a presentation from the Small Business Administration about disaster loans and mitigation funds.
During department reports the road superintendent described extensive flood damage and urged residents to document damage. The court said multiple emergency declarations and damage reports have been submitted to state and federal agencies and that county staff and state representatives have been assisting with emergency paperwork and FEMA contact.
County officials discussed a FEMA buyout program that can purchase flood-prone properties when homeowners agree to sell; the county judge explained how a property would become county-owned after buyout and that the county would then be limited in how it could reuse the land. The judge said the county has applied to the Department for Local Government for additional matching funds and that the buyout program's funding split and applicant eligibility are handled at the federal and state level.
Jason Ross, public recovery specialist with the U.S. Small Business Administration’s Office of Disaster Recovery and Resilience, told the court the SBA does not make grants but offers long-term, low-interest disaster recovery loans for homeowners, renters, businesses and nonprofits. Ross summarized key program points: homeowners may be eligible for physical damage loans up to $500,000; renters for up to $100,000; businesses and nonprofits for physical damage loans up to $2,000,000; and Economic Injury Disaster Loans (EIDL) for working capital up to $2,000,000. He said interest rates vary by borrower type and that the SBA offers a mitigation increase of roughly 20% of verified losses to fund improvements that reduce future risk.
Ross advised residents to apply even if they plan to seek grants first, since SBA loans are optional with no application fee, the first year is deferred at 0% interest and loan terms can extend up to 30 years. He also said applicants should keep documentation and photos, and that SBA staff will be available at a local site to assist with applications.
Court members and staff discussed county-level funds; the judge said the county placed additional funds in an Eastern Kentucky relief account to accelerate local response while FEMA and other state funds are processed.
Officials encouraged residents with damage to contact county emergency staff, FEMA and SBA representatives to determine program eligibility; court members said staff will continue work on damage assessments and grant/loan applications.
